The threat of phishing attacks remains a pressing concern for cryptocurrency users. In September alone,
over 10,000 individuals fell victim to these scams, resulting in losses exceeding $46 million, as reported by
Scam Sniffer, a platform dedicated to combating online fraud.
To date, a total of 10,805 users have reported losses amounting to $46.7 million due to various phishing
schemes in the last month. This uptick in scams has elevated the total losses for the third quarter of this year
to a staggering $126 million, averaging around 11,000 victims per month, with two prominent cases accounting
for $87 million of those figures.
Understanding Phishing Scams
Phishing scams are typically executed by manipulating individuals into disclosing their private keys or
other sensitive information through deceptive tactics. A notable incident in September showcased
one victim who lost a whopping $32 million by unknowingly signing a permit signature. According to
Scam Sniffer, on
September 28, 12,083 Spark Wrapped Ethereum (spWETH) tokens were siphoned from the victim’s wallet.
The attacker initially routed 10,000 spWETH to a single wallet before dispersing the remaining tokens across
four additional wallets.
Common Scenarios in Phishing Attacks
In another case, a victim lost $1 million because they copied an incorrect address from a compromised
transfer history. Earlier in the day, they successfully sent around 200 ETH to the correct recipient,
but when attempting another transaction, they mistakenly copied a poisoned address, leading to a loss of
410 ETH to a phishing scheme.
How Attackers Operate
Phishing schemes often employ malicious URLs that capture sensitive data once users click on them.
Scam Sniffer’s data, sourced from MistTrack, indicates most victims were ensnared by phishing links
originating from fake accounts on X, previously known as Twitter. In several instances, victims also
ended up on phishing sites via deceptive Google ads.
The Ongoing Challenge
Despite enhanced security measures and increased awareness efforts, the prevalence of phishing scams
continues to pose a significant challenge within the crypto ecosystem. Yu Xian, the founder of SlowMist,
raised concerns about the ongoing threat of phishing, stating,
“When I think about it, [phishing] is a headache for the ecosystem, more so than various advanced
attack methods.”
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